ICTSI mulls investment in new Argentina port

Global port operator International Container Terminal Services Inc. (ICTSI) is planning to invest in a new terminal in Argentina.

In a disclosure to the Philippine Stock Exchange, ICTSI said it was invited by Loginter S.A. to participate in the development of an all-purpose terminal at the Port of La Plata, located south of Buenos Aires and along the River Plate.

Loginter S.A. is the project’s original proponent although the concession agrement was granted by Consorcio de Gestion del Puerto La Plata in favor of Tecplata S.A. in the Port of La Plata.

ICTSI has set aside P10 billion this year for the construction of a new multi-user container terminal at the Port of Buenaventura in Colombia as well as for acquisition of new equipment.

The allotted capital budget is slightly higher than the P9.9 billion spent last year for the expansion of operations in Manila, Poland, Brazil and Madagascar and the acquisition and rehabilitation of new terminals in Ecuador, China, Syria, Georgia, Colombia and Davao.

ICTSI reported a 52 precent jump in net profit last year to P2.7 billion on strong revenue growth of its domestic and international operations. Gross revenue of its port operations rose 27 percent to P15 billion, with revenue from its international operations growing 44 percent to P7.4 billion.

Revenue contribution from its domestic operations reached P7.6 billion, up 13 percent from the previous level.

ICTSI handled three million TEUs (twenty-foot equivalent units) in total volume last year or an increase of 51 percent from the 2006 level. – Zinnia B. Dela Peña